Zenas Biopharma said first-quarter 2026 research and development spending rose to $60.4 million from $34.9 million a year earlier, an increase of $25.5 million, as the company pushed ahead with clinical and regulatory work on its lead programs.
General and administrative expense increased to $16.9 million from $12.4 million, up $4.5 million, driven mainly by higher personnel costs and growth-related operating expenses.
The company reported other expense of $3.6 million, compared with other income of $3.6 million in the prior-year quarter, a swing of $7.2 million, largely tied to non-cash interest expense related to the royalty obligation with Royalty Pharma.
Net loss widened to $81.0 million from $33.6 million in the first quarter of 2025, an increase of $47.4 million.
Cash, cash equivalents and investments totaled $718.5 million at March 31, 2026. Zenas said it raised $419.0 million in gross proceeds year to date through convertible notes, common stock offerings and ATM sales, including $374.0 million from public offerings and $74.0 million from ATM sales in the first quarter. It also entered into a $250 million debt facility with Pharmakon Advisors in March.
The company said the financing, together with potential milestone and debt draws tied to obexelimab approval, is expected to fund operations at least through the second quarter of 2029. As a result of these announcements, the company's shares have moved 0.52% on the market, and are now trading at a price of $19.26. For more information, read the company's full 8-K submission here.
